26 February 2022, Mumbai:

The invasion of Ukraine by Russia is creating a tailspin in the global markets, particularly in the energy sector. Crude oil price is trading about $104 per barrel, which will certainly affect stock markets, commodities, and metal prices.

More importantly, it will have an impact on consumer psyche and their buying power, which is important for the global textiles sector.

Immediate reactions by the United States, the EU, and UK focus on imposing economic sanctions against Russia, which is only going to harden. This will impact crude oil and natural gas prices, as Russia is a major exporter of these commodities to EU nations like Germany.

One may also swiftly see the strengthening of the dollar, which will, at least for the immediate future, see higher prices for imports from the United States. The cotton market, which is experiencing a tight supply, will see uncertainty and added volatility due to uncertain demand and ripple effects from higher energy prices.

ALSO READ: India's organic cotton production will increase: Year 2020-21

More importantly, as many EU countries depend on wheat and energy products from Russia and Ukraine being the breadbasket for Europe, increased prices of these commodities will influence the overall markets and consumer confidence.

“The market will be more volatile,” stated Velmurugan Shanmugam, General Manager of India’s Jayalakshmi Textiles – a 100% cotton spinning mill with 72,000 spindles creating fine count cotton yarns for the home textiles market.

India exports cotton home textiles to EU countries like Germany, and a crisis in that part of the world will impact textile exports and consumption.

About Author:

Dr. Seshadri Ramkumar is a professor in the Department of Environmental Toxicology and The Institute of Environmental and Human Health at Texas Tech University.

RELATED ARTICLE: Pricing Strategy to promote Indian cotton production

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*Figures mentioned in the above article have been sourced from Cotton Growers article.

21 February 2022, Mumbai:

India and the United Arab Emirates have inked a landmark Comprehensive Economic Partnership Agreement (CEPA). The agreement was reached during a virtual summit between India's Prime Minister Narendra Modi and Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed Al Nahyan.

The deal was inked in Delhi by Union Textiles, Commerce and Industry Minister Piyush Goyal, and UAE Minister of Economy Abdulla bin Touq Al Marri. This is the first comprehensive trade deal signed by India in a decade.

The CEPA, or Comprehensive Economic Partnership Agreement (CEPA), or Free Trade Agreement (FTA), will unleash the limitless potential that both countries possess, and it will have a significant impact on a number of industries, including textiles.

READ MORE: CEPA to unleash India, UAE’s textile potential

This balanced, fair, and equitable trade deal, according to Piyush Goyal, is based on the three pillars of trust, transparency, and talent. "With the signing of the India-UAE CEPA, both countries are entering a golden age of economic and commercial cooperation," he remarked.

According to the Indian government, this deal would boost the textile sector by increasing exports by $ 2 billion over the next five years. In particular, duty-free exports of Man-Made Fibre are expected to reach the US $ 650 million per year over the next five years.

The Indian textile and clothing sector will also gain from this move since India would no longer be subject to a 5% levy on textiles and garments, which will be a significant boost to Indian businesses.

India exported knitted garments of US$ 1,159.74 million in 2018-19, but just US$ 1,030.36 million in 2019-20. (-11.16). There was a 21% drop in the woven category as well.

India exported woven garments to the UAE worth the US $ 831.41 million in 2018-19 and US $ 655.65 million in 2019-20, respectively (-21.14). In 2020-21, India's total clothing exports to the UAE were US$ 1,609.4 million (HS code 61, 62 combined) and $1,436.64 in the first nine months of 2021-22.

Home textile exports to the UAE, India's third-largest market in the category, were US$ 259.14 million, representing a 32.46 percent year-on-year increase. It's also worth noting that, according to numerous estimates, India is targeting a $100 billion investment after signing the FTA with the UAE. India's third-largest trading partner in the world is the United Arab Emirates.

In just 88 days, the 880-page agreement was reached. The agreement also includes a long-term safety net to safeguard local enterprises in both countries from abrupt spikes in trading volumes.

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*Figures mentioned in the above article have been sourced from Business Standard & Apparel Resources article.

16 February 2022, Mumbai:

Always one to anticipate trends, the Como-based company renowned for its know-how in the creation of innovative and responsible yarns meets the needs and desires of the market with an up to date offer.

Filo Milano, February 23-24 2022, booth A1 Founded in 1949 in Lombardy, Ghezzi is a company that offers advanced twisting, spiraling and twist-texturizing processes for yarns and threads thanks to its precious corporate heritage and continuous investment in specialized personnel and innovative technologies.

On the strength of its new partnership with the international eco hub C.L.A.S.S., Ghezzi returns to Filo with a series of responsible innovations designed to create a positive impact for new consumers, the company's business and the surrounding environment.

Among all of them, the first "Seasonless" collection, a proposal of references untied from the concepts of seasons and trends much loved by traditional fashion.

ALSO READ: NCTO Welcomes Appointment of Jennifer Knight as Deputy Assistant Secretary for Textiles, Consumer Goods and Materials at the U.S. Department of Commerce

For a style suited to the fluid rhythms of contemporaneity, the Como-based company, strengthened by an unparalleled wealth of experience, has focused on the processing of very twisted yarns, elasticized yarns in continuous filament fibers for fabrics with a "clean" surface and a fluid feel, but also continuous filament yarns mixed with short fiber yarns that are decidedly "clean" and of a fine count for fabrics with a fluid feel.

The range of counts tends to be low, from dtex 44 to dtex 200, with a few tips on the thicker counts in viscose or nylon in order to obtain a marked fluidity and a sagging hand.

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25 February 2022, Mumbai:

Government efforts leading to greater employment generation in the country: Piyush Goyal

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal has said the Industry has responded well to the multiple interventions by the Government to enhance Local Value Addition which has benefitted not only the large industries but also the MSMEs.

Chairing a review meeting of the Steering Committee on Advancing Local value-add & Exports (SCALE) here today, he emphasised that these efforts are leading to greater employment generation in the country.

During the meeting, P. Goyal highlighted the need for exploring innovative ways to increase Local Value Add in critical sectors of Manufacturing amidst existing disruptions in the worldwide value chain.

ALSO READ: Piyush Goyal x Fashion Designers Brainstorm: How India can become ''Global Fashion Capital"

This will enhance the presence of India in emerging global value chains, he added. Industry and exports representatives from various sectors including Auto Components, White Goods (ACs, Electronics & TV), Semiconductor Manufacturing, Plastics, Furniture, Bicycles & e-cycles, Batteries, Leather & Footwear and Fisheries participated in the deliberations. MoS (Commerce & Industry) Shri Som Parkash, Secretary, DPIIT, Shri Anurag Jain and Shri Rajiv Singh Thakur, Additional Secretary, DPIIT participated in the meeting.

SCALE Committee members who attended the meeting included Dr. Pawan Goenka (Chairman, SCALE Committee), Shri Chandrajit Banerjee, Director General, CII, Shri Arun Chawla, Director General, FICCI, Shri Deepak Sood, Secretary General, ASSOCHAM, Shri Deepak Bagla, CEO, Invest India, Shri Salil Singhal, Chairman and MD, PI Industries, Shri Seshagiri Rao, JMD & Group CFO, JSW Steel, Shri Anil Agrawal, Additional Secretary, DPIIT, Dr. Amiya Chandra, Addl. DGFT, Shri Manish Sharma, Chairman, FICCI Electronics & White Goods Manufacturing Committee and President & CEO, Panasonic India Pvt. Ltd., Shri Vikram S. Kirloskar Vice Chairman, Toyota Kirloskar Motor, Shri Jalaj Dani, Chairman, Addverb Technologies Pvt. Ltd and Co-promoter, Asian Paints Ltd. and Smt. Manmeet K. Nanda, Joint Secretary, SCALE and Brand India Cell, DPIIT (Member Convener, SCALE Committee).

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*Figures mentioned in the above article have been sourced from PIB article.

19 February 2022, Mumbai:

The country's foreign exchange reserves declined by USD 1.763 billion to USD 630.19 billion in the week ended on February 11, the RBI data showed.

In the previous week ended February 4, the reserves had risen by USD 2.198 billion to USD 631.953 billion.

ALSO READ: RBI Governor Shaktikanta Das: There's no need to fear, even though India's inflation is expected to rise in January

It touched a lifetime high of USD 642.453 billion in the week ended on September 3, 2021.

During the reporting week, the fall in the reserves was on account of a decline in the foreign currency assets (FCA), a major component of the overall reserves.

FCA dipped by USD 2.764 billion to USD 565.565 billion in the week ended February 11.

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*Figures mentioned in the above article have been sourced from Business Standard  article.

22 February 2022, Mumbai:

bluesign® SYSTEM PARTNER textile manufacturers achieve meaningful reductions in water, energy, chemicals, and CO2e emissions.

Through the implementation of the bluesign® SYSTEM, bluesign® SYSTEM PARTNER textile manufacturers have achieved meaningful collective impact reductions in 5 key areas of water, energy, CO2e emissions, and chemistry with an increase in bluesign® APPROVED chemical usage over a ten-year period, 2010 - 2020.

ALSO READ: HIGH FASHION GROUP RECEIVED AWARD FROM THE LENZING GROUP REAFFIRMED ITS POSITION AS A SUSTAINABILITY LEADER!

The deadline to reach carbon neutrality and achieve the UN’s Sustainable Development Goals (SDGs) is fast-approaching. And the recently completed impact analysis demonstrates that the bluesign® SYSTEM is accelerating progress towards a more sustainable fashion industry while continuing to ensure that textile products meet very stringent environmental and consumer safety requirements worldwide, giving consumers the confidence of purchasing sustainable products produced with reduced impact on people and the planet.

“With the bluesign® SYSTEM, we help our customers better understand their value chain and make better-informed decisions with verified data from on-site assessments. The results from our impact work couldn’t have come at a more crucial time when voluntary commitments are now calling for the industry to halve its emissions by 2030.

The collective impact reductions achieved through the implementation of the bluesign® SYSTEM are meaningful progress for the fashion industry. Progress Bluesign will continue to report.

About bluesign technologies ag

The bluesign® SYSTEM is the solution for sustainable textile production. It eliminates harmful substances right from the start of the manufacturing process, and it sets and controls standards for environmentally friendly and safe production.

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16 February 2022, Mumbai:

Shaktikanta Das, governor of the Reserve Bank of India (RBI), has stated that the central bank is committed to its inflation mandate and that the probable increase in January inflation towards the higher end of its goal band is not a cause for concern.

Das made the remarks following a post-budget meeting with Finance Minister Nirmala Sitharaman and the board of the central bank. 

"The current inflation rate is estimated to be around 6%. That should not come as a surprise or cause worry because we have taken that into account "According to Indian media sources, Das said.

"Inflation and growth are in a delicate balance, and the Reserve Bank is fully aware of its obligation to inflation," he added.

ALSO READ: December retail inflation climbs to five-month high

Despite recent spikes in global crude oil prices, India's inflation trend has remained on the down since October, he added, adding the central bank had considered all scenarios. 

Last week, the RBI's monetary policy committee held rates and its stance constant in order to promote a broad-based recovery, with retail inflation expected to fall to 4.5 percent in the coming fiscal year.

Das also stated that the RBI is working on the next fiscal's borrowing programme, as well as the country's inclusion in global bond indexes. He stated that the government's intention to offer sovereign green bonds will help to expand the foreign investor base.

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*Figures mentioned in the above article have been sourced from ET & Fashion Network article.

16 February 2022, Mumbai:

Future Retail's (FRL) third-quarter net loss increased to Rs 1,063 crore ($141 million), up from Rs 847 crore in the previous quarter. The company's sales for the quarter increased by 87% to Rs 2,815 crore, compared to Rs 1,506 crore a year before.

Future Retail's costs increased by 62 percent to Rs 3,890 crore in the quarter, compared to Rs 2,391 crore in the same time previous year.

Future Retail, whose operations have been hammered severely by the epidemic, recently defaulted on a Rs 3,494 crore payment to its lenders.

ALSO READ:  Future Lifestyle Fashions reported the third quarter FY22 results

"At this time, the firm is in discussions with lenders about continuing operations after the occurrence of the event of default and seeking to reach an amicable conclusion to the company's current financial situation," it stated.

BigBazaar, FBB, Foodhall, Easyday, and Nilgiris are among the 1,700 Future Group stores, with 900 being small-format stores and the remainder being large-format hypermarkets and fashion outlets.

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*Figures mentioned in the above article have been sourced from Business Standard ET Money control & Fashion Network article.

21 February 2022, Mumbai:

The Budget 2022 for the education and skilling sector rightly focused on expanding reach, improving quality education, building capacity, and strengthening the digital skill ecosystem. Further, to brainstorm and discuss ways for effective implementation of initiatives announced in the Budget, the Ministry of Skill Development and Entrepreneurship (MSDE) and the Ministry of Education, along with other ministries, is organising a session in Skill India webinar themed-

‘Towards Fostering Stronger Industry-Skill Linkage,’ on Monday, February 21, 2022 from 12:15 PM to 2:15 PM. The webinar will be attended by the government officials, industry experts and representatives of key associations. The session is a part of a series of seminars being inaugurated by the Prime Minister Shri Narendra Modi.

ALSO READ:

He will be addressing the first webinar themed on ??

Digital University: Making World Class Higher Education Accessible for All. The Skill India webinar will be co-chaired by Shri Arvind Singh, Secretary, Ministry of Tourism, Shri Rajesh Aggarwal, Secretary, MSDE, and Shri Anurag Jain, Secretary, DPIIT. The panellists for the session are Shri N.S Kalsi, Chairman, National Council for Vocational Education & Training (NCVET); Shri Amber Dubey, Joint Secretary, Ministry of Civil Aviation and Shri Manish Sabharwal, Vice Chairman, Teamlease Services.

The session will be moderated by Mr. Ved Mani Tiwari, COO, National Skill Development Corporation (NSDC). During the session, broader aspects on strengthening the skill ecosystem by enhancing digital skills will be discussed.

The panellists will share their views on the recent announcements made by our finance minister in the Budget 2022.

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*Figures mentioned in the above article have been sourced from PIB article.

16 February 2022, Mumbai:

India's organic cotton production has been steadily increasing! In 2020-21, production was 810,934 metric tonnes (MT), compared to 335,712 MT in 2019-20 and 312,876 MT in 2018-19.

In 2020-21, production climbed by 142% over the previous year. Madhya Pradesh is at the top of the list, with Maharashtra and Gujarat following closely after.

The same was reported to the Rajya Sabha (upper chamber) by Minister of State for Heavy Industries Krishan Pal Gurjar.

ALSO READ: Organic Cotton Production in 2020-21

Under the National Food Security Mission (NFSM), the Department of Agriculture and Farmers Welfare is executing a cotton development initiative in 15 key cotton-growing states with the goal of increasing production and productivity.

The ICAR-Central Institute for Cotton Research (CICR) is conducting research to improve and enhance technology for organic cotton cultivation in the country. The government is also supporting organic farming through the Paramparagat Krishi Vikas Yojana, which is a specific scheme (PKVY).

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*Figures mentioned in the above article have been sourced from PIB & Apparel Resources article.

15 February 2022, Mumbai:

Aditya Birla Group flagship Grasim Industries on Monday reported a sharp year-on-year jump in its consolidated bottom-line for the December quarter on the back of lower tax expenses during the period and a significant margin improvement in its chemicals business.

The company reported a consolidated profit of Rs 1,746 crore attributable to owners, up 26% year-on-year.

ALSO READ: Arvind Fashions posts Q3 FY22 results

However, consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) declined 4% to Rs 3,985 crore as margins narrowed.

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*Figures mentioned in the above article have been sourced from ET Inveting.com article.